THORN: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
THORN
Largest movements
- Cash +€185,799
up €185,799 (+85.6%), from €217,033 to €402,833
mainly Other debts (+€150,000) and Net result for the year (+€149,203)
- Tangible fixed assets -€22,941
down €22,941 (-14.2%), from €161,293 to €138,352
of which Plant, machinery and equipment: -€24,468
- Deferred charges and accrued income +€7,363
up €7,363 (+274.0%), from €2,687 to €10,050
- Other debts +€150,000
up €150,000 (+1788.1%), from €8,389 to €158,389
- Trade debts +€28,184
up €28,184 (+116.2%), from €24,257 to €52,442
- Provisions -€8,255
down €8,255 (-99.1%), from €8,333 to €78
of which Provisions for liabilities and charges: -€8,333
- Gross operating margin +€236,053
up €236,053 (+84.8%), from €278,296 to €514,349
- Staff costs +€30,561
up €30,561 (+10.8%), from €282,973 to €313,534
- Taxes +€22,162
up €22,162, from €0 to €22,162
- Provisions -€8,333
new in 2025: -€8,333
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €390,867 | €562,538 | +€171,671 | +43.9% |
| Fixed assets | 21/28 | €162,668 | €139,727 | -€22,941 | -14.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €161,293 | €138,352 | -€22,941 | -14.2% |
| Land and buildings | 22 | €64,749 | €58,134 | -€6,615 | -10.2% |
| Plant, machinery and equipment | 23 | €96,544 | €72,076 | -€24,468 | -25.3% |
| Furniture and vehicles | 24 | €0 | €8,142 | +€8,142 | |
| Financial fixed assets | 28 | €1,375 | €1,375 | = | 0.0% |
| Current assets | 29/58 | €228,199 | €422,812 | +€194,613 | +85.3% |
| Amounts receivable within one year | 40/41 | €8,478 | €9,929 | +€1,451 | +17.1% |
| Trade receivables | 40 | - | €2,000 | +€2,000 | |
| Other amounts receivable | 41 | €8,478 | €7,929 | -€549 | -6.5% |
| Cash at bank and in hand | 54/58 | €217,033 | €402,833 | +€185,799 | +85.6% |
| Deferred charges and accrued income | 490/1 | €2,687 | €10,050 | +€7,363 | +274.0% |
| Total equity and liabilities | 10/49 | €390,867 | €562,538 | +€171,671 | +43.9% |
| Equity | 10/15 | €317,364 | €317,027 | -€337 | -0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €101,860 | €101,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €196,904 | €196,107 | -€797 | -0.4% |
| Investment grants | 15 | - | €460 | +€460 | |
| Provisions and deferred taxes | 16 | €8,333 | €78 | -€8,255 | -99.1% |
| Provisions for liabilities and charges | 160/5 | €8,333 | - | -€8,333 | |
| Major repairs and maintenance | 162 | €8,333 | - | -€8,333 | |
| Deferred taxes | 168 | - | €78 | +€78 | |
| Amounts payable | 17/49 | €65,170 | €245,433 | +€180,263 | +276.6% |
| Amounts payable within one year | 42/48 | €65,145 | €245,433 | +€180,288 | +276.7% |
| Trade debts | 44 | €24,257 | €52,442 | +€28,184 | +116.2% |
| Suppliers | 440/4 | €24,257 | €52,442 | +€28,184 | +116.2% |
| Taxes, remuneration and social security | 45 | €32,499 | €34,603 | +€2,104 | +6.5% |
| Taxes | 450/3 | €21,455 | €29,162 | +€7,707 | +35.9% |
| Remuneration and social security | 454/9 | €11,044 | €5,441 | -€5,603 | -50.7% |
| Other amounts payable | 47/48 | €8,389 | €158,389 | +€150,000 | +1788.1% |
| Accrued charges and deferred income | 492/3 | €25 | - | -€25 | |
| Remuneration, social security and pensions | 62 | €282,973 | €313,534 | +€30,561 | +10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,841 | €38,316 | +€475 | +1.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€8,333 | -€8,333 | |
| Other operating charges | 640/8 | €2,423 | €1,878 | -€545 | -22.5% |
| Gross operating margin | 9900 | €278,296 | €514,349 | +€236,053 | +84.8% |
| Operating profit (loss) | 9901 | -€44,941 | €168,954 | +€213,895 | |
| Financial income | 75/76B | €912 | €2,571 | +€1,658 | +181.8% |
| Recurring financial income | 75 | €912 | €2,571 | +€1,658 | +181.8% |
| Financial charges | 65/66B | €383 | €315 | -€67 | -17.6% |
| Recurring financial charges | 65 | €383 | €315 | -€67 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | -€44,412 | €171,209 | +€215,621 | |
| Transfer from deferred taxes | 780 | - | €156 | +€156 | |
| Income taxes | 67/77 | €0 | €22,162 | +€22,162 | |
| Profit (loss) for the period | 9904 | -€44,412 | €149,203 | +€193,614 | |
| Profit (loss) for the period to be appropriated | 9905 | -€44,412 | €149,203 | +€193,614 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.